Van Don district is planned to be a multi-sectoral marine economic zone and an entertainment center (Photo: congthuong.vn)
According to the expert, Quang Ninh is considered a strategic investment destination in northern Vietnam and an important link of the northern economic growth triangle between Hanoi - Hai Phong - Quang Ninh. Quang Ninh has great advantages with Van Don district, which is planned to be a multi-sectoral marine economic zone, and an entertainment center with casino, high-class sea-island tourism and general services.
In addition, this is also the gateway for international trade, creating unique, modern and high-quality products which can be internationally competitive. Therefore, foreign investors expect Van Don district and Quang Ninh in general to be an important business center that is convenient for trade and connectivity with China and ASEAN.
Vietnam, in general, is considered a good destination for high quality foreign direct investment (FDI) inflows after the COVID-19 pandemic.
In a talk with Dau tu (Investment) newspaper, Era Dabla-Norris, chief of the International Monetary Fund delegation in charge of Vietnamese issues, issued an assessment that Prime Minister Nguyen Xuan Phuc’s decision to set up a special working group on FDI attraction, in order to welcome the wave of manufacturing production to Vietnam after the pandemic, was very welcome. This shows that the Government understands the importance and contribution of FDI to the increase of productivity and economic growth.
A noteworthy move was that the Politburo issued Resolution 50-NQ/TW dated August 20th, 2019 to improve the quality of foreign investment attraction, calling for improvement of the business environment for foreign investors; promoting links and connections between the FDI sector and the domestic economic sector; and looking towards increasing technical and environmental standards.
She added that the efforts to improve Vietnam's legal framework on FDI attraction are commendable and can help Vietnam attract higher quality FDI in the near future.
FDI inflows into Vietnam cannot avoid the impact of the COVID-19 pandemic, but Vietnam is still considered a "good land" to attract high quality FDI capital after the pandemic.
The IMF expert said that many large international corporations are seeking investment opportunities to diversify their supply chains and limit their dependence on the Chinese market. Vietnam has become one of the brightest candidates to welcome this flow of capital, thanks to its success in preventing COVID-19.
Besides, the positive prospects of Vietnam's economy, the large population size and the increasing number of people joining the middle class are also favourable factors to attract investment.
According to Mr. Trent Davies, Director of the International Business Advisory Division of Dezan Shira & Associates Multinational Investment Advisory Network, the improving Provincial Competitiveness Index (PCI) attracts foreign investors to the Vietnamese market.
As Vietnam aims to attract high-value manufacturing FDI projects, more and more foreign investors are approaching this market. Most of these investors are from Asia, with the Republic of Korea, Japan and Taiwan (China) being leading investors who focus their investment on areas such as manufacturing metal, rubber, plastic and electronic devices./.